One reserved ticket to the show located within the first price tier
A meet and greet and personal photo taken with band member(s)
Private pre-show party to include food, music, trivia and a chance to win prizes
Merchandise package
Exclusive Judas Priest VIP T-shirt
Exclusive Judas Priest VIP laminate and lanyard

You know, this really isn't that rediculous. I'm sure everyone will just see the big figure and flip out. Think about it this way:

One reserved ticket to the show located within the first price tier - this would be an easy $100 on your own + ticketmaster charges, so you're looking at as much as $130 for just the single ticket in the first tier alone.

A meet and greet and personal photo taken with band member(s) - Hard to put a price on, but face it, you're not gonna get to just casually stroll into Halford after the show.Private pre-show party to include food, music, trivia and a chance to win prizes - You will save a ton of money on food and drinks if you had any plans of buying any at the venue considering the rape-tastic charges.Merchandise package - As long as this were to include a few solid items, it easily could be worth $50 if not more, considering a shirt itself will be $35.

Exclusive Judas Priest VIP T-shirt - Even if it is a lame design, it's priceless, and you won't find any band related shirt for under $20.Exclusive Judas Priest VIP laminate and lanyard - Basically see above, it's a great suveneir.

It's really not bad at all for a die-hard fan. If this were Maiden, I would do it without missing a beat.

One reserved ticket to the show located within the first price tier
A meet and greet and personal photo taken with band member(s)
Private pre-show party to include food, music, trivia and a chance to win prizes
Merchandise package
Exclusive Judas Priest VIP T-shirt
Exclusive Judas Priest VIP laminate and lanyard